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New Down Payment Rules - BC - 2016

New down payment rules:
 
*You need a minimum of 5% down on the first $500,000
*Between $500,000 - $1,000,000 you need 5% down on the first $500,000 and 10% on the balance. For example a $600,000 house needs $25,000 for the 5% of $500,000 plus 10% for the $100,000 above $500,000 = $25,000 + $10,000 = $35,000 total minimum down payment required.
*Properties over $1,000,000 require a minimum of 20% down on the total amount.

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Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792
Fax: (778) 484-5252
506 Doyle Avenue
Kelowna, BC V1Y 6V8
Alex@LakeOkanaganRealty.com
www.LakeOkanaganRealty.com

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